National Republican. (Washington City (D.C.)) 1872-1888, 1887-06-29
An Extra Session of Congress,

President Cleveland cannot mistake the
condition Of affairs. The national records
tell II despite the efforts made at conceal
ment. The United States treasury Is AZ
sorbirg all the money OF the country at
rate even faster than he predicted wheni 10
his message to the last Congress-, he urged
the passage OF laws to reduce the govern
mCnt's income.
This month, after paying out S9,0o),)11
fer interest in addition to the ordinary ex-
Iendtures, the receipts will b, IA exc .ss
Of the expenditures nearly $l5,0o),OO.
For four days past men have baen ptya:
interest at the rate of ninety per cent. a
year to avert blnkruptey. Yesterday 81
10000 lu goll was boTro vel Ia L,liol.
To morrow We caunot tell what will hi?-
peu, hut We can see VII It Is threatened.
The NATIONAL REPUBLICAN Is not an
nlarmist, but it has carefully evanlnsd
the condition Of the flaaucss o. the cou L
try, aud 1t tells what 1t sees. Tat Il y
great scarcity OF money imports exceeding
exports every month by millions OF d Il ar'.
continuous withdrawal OF large suns
from the small amount OF money in ci GU
utdNJ IuNtbtuGuts III Tttl Is ftbts
low prices for our principal articles of ex-
port, and these things, taken toge her.
bode no good.
The Democratic platform, which ought to
have some influence with both the admins.
tration and Congress, declares that ''ur-
necessary taxation is unjust taxation. q
Surplus (taxation) OF more than $l0o,00),-
ko. II, hoo ~
ing people" Yet Democratic speaker re-
fused to allow any effort to reduce that
taxation, even when Democratic Presl-
dent and Democratic Secretary OF the
Treasury both earnestly recommended it.
Under Republican administrations what
ever money over the needs OF the govern
meIt was paid into the treasury was a5
once applied to the payment of the dsbs,
go that no large amounts were withdrawn
from circulation, and 1t Is the hoirding OF
the money, not the collection, that IN tkes
the strinGency OF the money IN irket.
The volume Of the currency Is less nov
ty hundreds of millions than 1t was sevan-
teen years ago, and yet rs per cent has
been added to the population, the foreign
commerce Of the country has increased
from $S00,000000 value to 81 l,3O0,00J, ,0J0,
and the agricultural, manufacturing, aud
mining products of the couatry have IN IRE
than doubled.
These ave facts that cannot be contr =
vCrtod, There is not money enough 10 tho
country to transact the business OF the
county. and the treasury continues to d =
crease the volume Of the currency.
Congress alone has power to remedy the
evil, but If action is delayed until the regu-
lar session OF Congress IL may be too late 10
prevent serious disaster. No action could
lie taken by that body before April Or May,
II II does not meet until December. Pres =
dent Cleveland can call an earlier meeting,
and IS we made few days since a com
parisou between the condition OF alTIrs 10
1867 ard 1887, we viii now give the Presl-
dent the example set by Democratic Pres
id6nt from his own state MARTIN Van
Buren,, RtIy years ago IN 1887, when Il
financial panic was on the country.
Here is a copy OF the proclamation Issue I
by President Van Buren calling Congress
TO meet Sept. 4, 1897
"Whereas, great and weighty matters
claiming the consideration Of the Congress
OF the United States from an extraordinary
occasion Of convening them, do, by these
presents, appoint the first Monday in
September next for their meeting at the
city Of Washington, hereby requiring the
respective senators and representatives
then and there to assemble In Congress in
order 10 receive such communications
as may then be made to them, aud to con
Gult and determine on such measures as In
their wisdom may be deemed meet for the
welfare OF the United States"
II similar document should be Issued